Dubai Real Estate: Off-Plan Property Market Surges in July 2024
Dubai’s off-plan property sector experienced a remarkable surge in July 2024, making up 60% of all property transactions, an increase from 49% in July 2023. This growth reflects the rising popularity and potential of off-plan investments in the city.
Tourism Boosts Real Estate Market
The increase in off-plan transactions coincides with Dubai welcoming 9 million visitors in the first half of 2024. This influx of tourists and investors underscores the city’s global appeal and vibrant real estate market.
Leading Developers and Average Sale Prices
In July 2024, the top five off-plan developers by total sales value were Emaar, Sobha Group, Danube Properties, Meraas, and Ellington Properties. The average sale prices for off-plan transactions were AED 1,849,251 for apartments, AED 3,003,618 for townhouses, and AED 6,547,782 for villas.
Key Considerations for Buyers
Experts recommend that buyers prioritize location and amenities when purchasing off-plan properties. “A well-situated property offers convenience and ensures better resale value.
Popular Communities in Dubai
For apartments, the top three communities in Dubai were identified as Dubai Hills Estate, Jumeirah Village Circle, and Business Bay. For villas and townhouses, the most popular areas were Dubai South, The Valley, and Nad Al Sheba. These communities offer attractive options for investors and homebuyers seeking quality living spaces in prime locations.
Reference: Arabian Business
